Quiz and Final Exam Study Guide Essay Example for Free

Quiz and Final Exam Study Guide Essay The quizzes and final exam are open book, open notes. The maximum time you can spend on a quiz is 45 minutes. On the final you will have 3 hours and 30 minutes. If you have not clicked the â€Å"Submit For Grade† button by the end of the allotted time, you will be automatically exited from the exam. In the final exam environment, the Windows clipboard is disabled, so you will not be able to copy exam questions or answers to or from other applications. 2. You should click the â€Å"Save Answers† button in the exam frequently. This helps prevent connection timeouts that might occur with certain Internet Service Providers, and also minimizes lost answers in the event of connection problems. If your Internet connection does break, when you reconnect, you will normally be able to get back into your final exam without any trouble. Remember, though, that the exam timer continues to run while students are disconnected, so students should try to re-login as quickly as possible. If you lose your Internet connection during a quiz or the final exam, logon again and try to access it. If you are unable to enter it again, first contact the Help Desk and then your instructor. * You will always be able to see the time remaining in the quiz or final exam at the top right of the page. 5. There are multiple pages on the final exam. * Make sure you click the Save Answers button before advancing to the next page (we also suggest clicking on â€Å"Save Answers† while you are working). Complete all of the pages before submitting your Final Exam for instructor review. * Do NOT use your browsers Back and Forward buttons during the final exam. * Please use the provided links for navigation. Submitting your quiz or final exam * When you are finished with a quiz or the final exam, click on the Submit for Grade button. * Please note: Once you click the Submit for Grade button, you will NOT be able to edit or change any of your answers. 7. Quiz and Exam Questions * On each quiz, there are 10 multiple-choice questions each worth 5 points and one essay question worth 10 points for a total of 30 points. On the final exam, there are 30 randomly selected multiple-choice questions each worth 5 points and 5 essay questions worth 30 points for a total of 300 points (150 multiple choice points, 150 essay points). * The final exam covers all course TCOs and Weeks 1-7. * The quizzes only cover the TCO’s for that week. * The final exam contains 3 pages, which can be completed in any order. You may go back and forth between the pages. * The quiz and final exam questions are pooled. This means that not everyone will have the same questions. Even if you do have some of the same que stions, they may not be in the same order. These questions are distributed amongst the TCOs. * On the essay questions, your answers should be succinct, fully address each part of the question, and demonstrate your knowledge and understanding in a concise but complete answer. Most essay questions require answers that are a couple of paragraphs (not a couple of sentences) that directly speak to each part of the question. Some students opt to work on the essay questions first, due to their higher point value and length of time needed to adequately address each question, but this is entirely your choice. * Remember to always use proper citation when quoting other sources. This means that ANY borrowed material (even a short phrase) should be placed in quotation marks with the source (URL, author/date/page #) immediately following the end of the passage (the end quote). Changing a few words in a passage does NOT constitute putting it in your own words and proper citation is still required. Borrowed material should NOT dominate a student’s work, but should only be used sparingly to support your own thoughts, ideas, and examples. Heavy usage of borrowed material (even if properly cited) can jeopardize the points for that question. Uncited material can jeopardize a passing grade on the exam. As a part of our commitment to academic integrity, your work may be submitted to turnitin. com, an online plagiarism checking service. So please be VERY mindful of proper citation. 8. Some of the key study areas are below. While these are key areas, remember that the exam is comprehensive for all of the assigned course content and this study guide may not be all inclusive. The same goes for the quizzes: there may be material on the quiz that was part of the material for that week, but is not specifically listed here in the study guide.

The Largest International Bond Market In The World Finance Essay

The Largest International Bond Market In The World Finance Essay Firstly, it is important to define what a bond is. A bond is a debt instrument requiring the issuer a business, a bank, an international organization, or a government to repay to the investor (the lenders) the amount borrowed plus interest (coupon rate) over a specified period. Terms are contractually fixed. Bonds issued specify a fixed date when amount borrowed is due and a remuneration (which may be fixed or variable) indexed to interest rate and not the result of the company. Default risk is reflected in yields. Indeed, the higher yields the bond provides, the more risky the investment. In order to attract investors, companies offer a higher return than the government. The bond rating help in estimating the default risk. The bonds are traded on the bond market. The development of bond market has enabled companies and government, to diversify their sources of funding. In the international bond market, we can bring out three main markets: Domestic bond market: the bonds are issued by a domestic borrower in his own country. Most of time, we can find bonds denominated in the local currency. Foreign bond market: a foreign borrower issues bonds on another market than his local market. Most of time, we can find bonds denominated in the local currency. Exchanges of bonds issued by a foreign entity are under local market authorities control. Eurobond market. We have to determinate what a Eurobond is. The word Eurobond might be misunderstood. Indeed, Eurobonds do not mean bonds of European countries or euro-denominated bonds. The original sense of the world is given in this definition A Eurobond is a bond underwritten by an international syndicate and sold in countries other than the country of the currency in which the issue is denominated The Online Encyclopedia. In others words, the bond is issued and traded in a currency which is not the home currency of the investors. Eurobonds are not traded on a specific national bond market. Thus, Eurobonds are not subjects to the rules of any country. They are issued and traded within an unregulated market. Usually, a Eurobond is issued by an international syndicate (a group of banks that acts jointly). Eurobond market is separated into two different markets: Primary market (first issue of bond). Secondary market (sell your own Eurobond to another investor). Eurobonds bought in the primary market can be sold prior to their maturity in the secondary market. In this market, Eurobonds are traded over-the-counter. Moreover, the Eurobond market is separated into sectors; the different bonds are classified taking account of the currency in which it is denominated. We can take this example to show what a Eurobond is. Firm headquartered in Scotland issues bond and increases capital in China denominated in Pound sterling. In this case, this is a Eurobond called Euro Sterling Bond. If the Scottish company issues bond in US Dollar in China, it is also a Eurobond called Euro Dollar Bond. In the United States, during the sixties, there was unfavorable tax regime in the bond market. Thats why, American companies started to issue US Dollar denominated bond outside their own country. Thus, the Eurobond market became widespread. The First Eurobond was issued in 1963. This market is still growing under development. Usually, the borrowers or investors in the Eurobond markets are large companies, international organizations or financial institutions and governments and not individuals. In order to raise funds, the governments or companies (the borrowers) can issue and sell bonds. Thus, they attract investors who want to deposit money. Each entity wins: the firms and the governments find money to finance their activities and the investors are repaid plus interest. Investors and issuers prefer to use the Eurobond markets for several reasons: The main reason why an issuer choice the Eurobond markets is that it is cheaper to obtain financing. Eurobonds are not subject to tax and largely free from government regulation. There is a great borrowing flexibility. Issuers can choice the country in which to sell their bonds. Thus, they choice countries where there is the least amount of constraints. They have to choice which country has the best bond legislation. In this manner, they can reduce their borrowings costs. That is why; obtaining financing on the Eurobond markets is cheaper than the other market. And, they can propose advantageous offers. Indeed, to attract investors, issuers have to offer investors the well-price financing (at least as competitive as those available in the long-term or equity markets in their own countries). Moreover, income investors are not subject to double tax (borrowing country and home country). Hence, the Eurobond markets give an investor a possibility of achieving a higher yield on investments (advantageous offers from issuers and less income tax). Thus, Eurobond market regulation also benefits investors. The Eurobond market is considered as extremely liquid. The liquidity of a bond depends on the ability to be bought or sold without price concessions investors usually require bond liquidity. The Eurobond markets have high liquidity because Eurobond trading takes place 24 hours a day worldwide. The Eurobond markets are easily accessible. Hence, the companies or others investors can obtain financing in an economy where financing is hard to obtain. Issuing Eurobonds gives companies wider access to the international market which they may normally not be able to access. Moreover, this wider access to the international market increases the international recognition for the companies. The international Eurobond market is composed of a wide range of investors. It is easy for the issuers to find investors who want to deposit money. Usually, some large firms issue Eurobonds to raise funds in order to set up a subsidiary abroad. Take a UK-based company for example. It wishes to establish its operations in China; the firm has to obtain Chinese Yuan for the operation. Therefore, the company must issue Eurobonds in Chinese Yuan which be sold to the buyers owning Chinese currency in another country than China. Thus, the company obtains Chinese Yuan by way of compensation of Eurobonds. Then, it gives money to its subsidiary qua  loan. In the future, the subsidiary will start making money. The latter will give its profit to reimburse the interest on the  loan  bore by the parent company. The fact of issuing Eurobonds gives the ability the parent company to reduce the risk. Indeed, the currency risk is avoided because its liability (Eurobond in Chinese Yuan) is brought into balance by its asset (loan  in Chinese Yuan), thereby, the firm will not be subject to modifications in the value of Chinese Yuan. When a bond is issued, investors name has to be registered when he buys the bond (registered form) either or the investor does not need to give his name, he can own directly the Eurobond (bearer form). Usually, the Eurobond markets us the bearer form because there is no central register. Thus, the buyer can keep his anonymity. Eurobond permits to keep investors identity hidden. It is a key characteristic for. Investors prefer to keep anonymity. And logically, instead of issuing shares to increase funds firms can use the Eurobond markets. In this manner, companies keep the whole control of it strategy. A Eurobond is a special bond. Indeed, it is not subject to regulations and constraints governments. Eurobonds are not traded on a specific national bond market. The Eurobond market is probably one of the most attractive bond markets for both issuers and investors. This is mainly due to the self-regulations and flexibility of this market. The issuer can reduce borrowing costs and find easily anywhere and anytime an entity which want to deposit money. The investor can achieve a higher yield on investments and keep his identity hidden. Today, the Eurobond market is the largest international bond market in the world.

Approaches to Financial Crisis Management

Approaches to Financial Crisis Management LITERATURE REVIEW The following Literature review starts with past studies and researches based on the crisis in general. Different types of crisis are referred and what kind of effects do they cause to businesses and people. Additionally are past studies on management strategies in period of recession and what does a business has to follow, not only old businesses but also new. Furthermore we focus on the new start up businesses that decide to grow in period of crisis. What Past studies and researches found and proved through history, when again in the past there was a recession. Crisis A crisis is an adverse incident with an unpredictable outcome (Campbell, 1999; Coombs, 1999; Coombs Holladay, 2002; Ruff Aziz, 2003). Interestingly, it should be pointed out that there is a wide range of crisis categories, from a basic ‘internal versus external’ introduced by Evans and Elphick (2005, p. 135), to a more complex system proposed by Henderson (2007) who categorized crises into economic crisis; political crisis; socio-cultural crisis; environmental crisis; technological crisis; and commercial crisis. Although there are numerous approaches to crisis categorization, The Pacific Asia Travel  Association (2003) has suggested that crises can be largely categorized into two major types, which are human-made and natural-made crises. It is crucial for one to understand that not all types of crisis lead to the same consequences, differing from one another in terms of the scope and extent of damage caused (Aktas Gunlu, 2005). Different public reactions to both human-made and natural crises provide a clear example of the critical differences in the public’s reaction to different types of crisis. The public normally reacts more negatively to the effects of human-made crises than to those of a natural crisis. While it is generally conceded that organizations have little control over natural crises, human-made crises can devastate the established reputation of an organization. As human-made crises are usually preventable, this type of crisis therefore often receives severe public condemnation (Pearson Mitroff, 1993). Furthermore, different crisis types, particularly both natural and human induced crises, are neither absolutely predictable nor avoidable. This means while crises occur rarely and randomly, it is also true that no industries are unaffected by those crises. In  response to the near certainty of experiencing crises, it is suggested that organizations come up with a plan for minimizing the damage of, and accelerating the recovering from, such crises through the development of crisis management strategies (Faulkner, 2001). Therefore the concept of crisis management is discussed below. Crisis Management Being able to effectively respond to a crisis is critical for the survival of an organization. Whether an organization is prepared or not for a possible crisis usually depends on senior officials and other private operating within organizations. More importantly, studies have shown that organizations with an established crisis management approach are able to effectively communicate and respond in the event of a crisis (King III, 2002). Clearly, it is crucial for an organization to have a crisis management approach in place. In general, a crisis management approach can be viewed simply as involving the  Ã¢â‚¬Ëœ4 Rs’ of a four-stage process, which are reduction, readiness, response and recovery (Evans   Elphick, 2005). The Pacific Asia Travel Association (2003) has summarized and described each stage as follows: Reduction. In this phase, an organization’s analysis of strengths, weakness, opportunities, and threats (a SWOT analysis) will help the managers to assess a potential crisis and to prepare a contingency plan. After identifying potential crises, organizations need to be prepared by developing strategic, tactical and communication plans. Readiness, the second phase, crisis response and crisis simulation exercises are very important in order to acquire and maintain crisis management skills as managers and staff need to be ready for the impact and stress from crises. Response, the third phase, a contingency plan is implemented immediately after a crisis occurs, as organizations that have a well-established crisis management plan tend to be more successful in handling crises. A crisis communication strategy should be utilized to communicate with not only the customer, but also the stakeholders and the public. Recovery. In the last phase, the crisis recovery could be measured by the speed with which an organization resumes full business operations; the degree to which a business recovers to pre-crisis levels, or the amount of crisis-resistance added since the crisis occurred. Whilst corporate managers are faced with the reality of trying to implement this process (Evans Elphick, 2005), it should be noted that all stages of the crisis management process need to be flexible, which allows for potential evaluation and modification, depending on the nature of the crisis/disaster (its magnitude, scale and time pressure) and stakeholder response to strategies. Although crisis management is a requirement for organizations, and although business leaders recognize this, many do not undertake productive steps to address crisis situations. Managers who do take productive steps however will be in a much better position to respond when a crisis or disaster affects an organization or destination (Ritchie, 2004). So, because a start up business in time of a recession has knowledge of all the stages, it is easier to handle the crisis as they are aware of the consequences a bad economy has on a business. Measurement are been taken before they have any bad influence on the ir business from the recession. Start-ups business and existing business in time of recession First of all, we are going to study past studies that were done during a period of recession and see how they coped during the period. Small businesses in their starting period are responsible for the New England turnaround and the Massachusetts miracle in the early 1980s. Small businesses had the willingness to expand and form and were the reason the economy became so strong (Lamp, 1988). It was found by Birch (1987) that the keys to new job creation are pioneering firms. Stable economies that can offer a proper environment for start-ups and existing firms to expand and grow but on the other hand those that cannnot offer such an environment usually suffer. With the reason that large businesses are reengineering, resizing and most importantly, downsizing, many people are leaning towards small business as a reason of economic expansion. In 1994 Dun Bradstreet anticipated that 3.1 million new jobs would be created with 72.4 percent following up from new firms with less than 100 employ ees. New small firms with less than 20 employees have also been seen as the creators of new markets for large firms and as the nations job creators (Phillips, 1993). As from this example, it is clear that new businesses and especially a small one can survive and also take advantage of the recession, if handled in the right way. Small businesses are considered to add to the local economy and therefore invigorate the economy (Violaris, Harmandas and Loizidis, 2012). When there is an economic recession, it is a period where all firms are struggling for their survival, especially for new firms and start-ups the failing rate proved to be higher compare to larger companies (Latham, 2009 p180-201, Lawless and warren,2005). However, some scholars have argued that smaller firms (start-ups) can have their own unique competitive advantage since they are closer to the market and realize the customers’ needs more easily (Young and Shepherd, 2005, Tavakoli and McKierman, 2009) There are several success factors that new companies can adopt in order to survive the crisis or event to expand in this recessionary environment. According to professor, John Quelch (2012), a success factor during a recession is that the firms should continue spending on marketing and in order to survive a firm should be able to realize how the needs and preferences of customers change in order to adopt their strategies. They should keep 8 factors in mind when making the marketing plans: research the customer, focus on family values, maintain marketing spending, adjust product portfolios, support distributors, adjust pricing tactics, stress market share and emphasize core values. A research of (Srinivasam, 2009) on six recessions that took place in US, from 1969 to 2007, showed that increases in RD (research and development) decreases profits for B2B and B2C, while there is no change for service firms. However, more expenditure in advertising increases the profits to B2B and B2C but not for firms that are in service. Also another research agreed that increases in advertising spending increases returns during recession but disagrees that increases on RD decreases returns (Graham and Frankenberger, 2008). Another strategy for start ups to follow during recessionary environment is a â€Å"Lean start-up† strategy. Many start-ups do not manage to survive because they spend a lot of money and time trying to produce products to customers that they might don’t like and therefore will mathematically drive the company out of business ( Eisenman, 2011). The methodology on start-up businesses is all about avoiding waste in terms of money and time. A good example is through the Toyota Production System (Dennis 2002). Important factors, for the success of small firms, especially in recessionary environment are the role of education, training and prior knowledge and experience. There are evidences that prove entrepreneurs having previous experience in the industry and knowledge of the market will have positive impact on the firms (Harada, 2002). A research that took place by Simpson, Tuck and Belammy, 2008, shows that only one group out of the four( â€Å"the empire builder†, â€Å"the happiness seeker†, â€Å"the vision developer† and â€Å"the challenge achiever†) showed clear evidence that education and training had a positive impact on the success of the business. He found out that motivation and teamwork is a key factor for success. According to Fiol (2001) employees are recognised as one of the most valuable resources to the business in order to achieve their objectives. For some small firms the key point for success is happiness. Entrepreneurs must be happy at wor k as well the employees and the customers must enjoy the experience at the place of work (Simpson, Tuck and Belammy, 2008). Analysts have researched on firms choosing to start during recession by following investment strategies. In antithesis with downsizing, firms like to take recessions as opportunities to innovate, expand and invest into new markets in order to extend or expand in a competitive advantage during the recession. Most of today’s household names had successfully launched businesses during recessions in the past. In the oil and steel industries that were emerging during the 1870s recession Rockefeller and Carnegie took advantage of steel production and technologies and of the weakness of various competitors from the same industry (Bryan and Farrell, 2008), and Edison also established General Electric which is until today a big and successful business (Lynn, 2009). Hershey started up their brand and distribution during the 1893-97 depression. Everybody also know until today Kellogg’s which grew out of another period of depression in the 1920s (Rumelt , 2008). The electrical, che mical and motor industries that were very important to post-war British industry expanded during the 1930s. Also two massive companies today, Microsoft and Apple corporations were also both founded in the 1970s, following from the oil-crisis. A lot of different studies disagree that firms adapt to recession conditions by applying business strategies based on new investment, market diversification and innovation, and a a strategy such as that usually leads to higher levels of business performance. Such examples are :targeting new market niches ,increased marketing spending and new product development (Roberts, 2003; Srinivasan, 2005; Pearce II and Michael, 2006); pricing strategies that centre the value, whereby rich resource firms highlight brand and quality instead of low prices to attract customers, or even, adopting ‘acquisitive pricing’ policies, to control low prices in sensitive markets that are influenced by prices (Chou and Chen, 2004). On a macro-level, quantitative studies of quantities and asset prices show that quantities differ more than prices do over the business’s cycle, including time between the periods of recession (e.g. Bhaskar, 1993; Geroski and Hall, 1995). From the above it is referred that most firms respond to macroeconomic shocks from a recession by prices maintenance, leading to quantities sold eventually to decrease. For a lot of firms, this is more likely to consequent into lower sales and, to extreme cases, exit. Studies like this show important data on the response of firm under financial crisis conditions but offer a small insight on why firms pick to respond in this way or if the price maintenance is advised by efficient measures. For the new business, more recent studies claim that a recession is normally an opportunity, not a threat for them, if handled correctly (Rumelt, 2008; Williamson and Zeng, 2009). The recent recession the whole world is facing is characterised by its nature globally and the risk that companies in rising markets take are becoming more active than expected. But research also show businesses not doing very well. Williamson and Zeng (2009) said that a key strategy business might be adopted to avoid this by focusing on developing what rising markets know to do well by offering value for money. They also suggest that companies should invest in research that is aimed at service and product innovation offers similar purposes but at lower expenses and costs. To sum up, a new business has to have a strategy to begin with. The proof on start up businesses adopting investment strategies to grow through recession is not so clear. Taking on strategies in the beginning and especially in a recession is under risk and most businesses are more likely to be very busy with short-term survival to think correctly about way to innovate and grow. Investments need resources –managerial skills, technical expertise and especially finance –and businesses with no or fewer resources are more likely not to be able to implement them. On the other side, history has proved that companies can adapt competitive advantage though a recession period from innovating into services, business models, products and also by getting into new and growing markets. As seen from previous studies they make very little efforts in explaining the reasons why particular firms do so very well when starting up their business in time of recession. No explanation is clearly given why they take the risk in the first place and avoid the potential risks of attempting such investment. It is consequential from the various researches that when a business adopts investment strategies from the beginning, success without any doubt follows. But the procedures a business has to take to imply these investment strategies and also having profitable outcomes is more likely to be more complicated than just said. However, such suggestions ignore the external issues: if all new firms start up by adopting investment strategies, would all succeed? In such crucial times of a recession, when nearly all customers turn to cheaper products, market conditions may not be able to support a wide range of unique and new innovations or a large number of firms looking for diversity, or new business wanting to grow and succeed. It is known that new business cannot lower their costs as they have more expenses than a mature business. REFERENCES Aktas, G. Gunlu, E. 2005, Crisis Management in Tourist Destinations, in Global Tourism,  3rd edn, ed. W. Theobald, Elsevier Inc., New York, pp. 440-55. Bhaskar, V., Machin, S. and Reid, G. (1993) ‘Price and Quantity Adjustment over the  Business Cycle: Evidence from Survey Data’, Oxford Economic Papers, vol. 45, no 2, pp. 257-268. Bryan, L. and Farrell, D. (2008) Leading through uncertainty, McKinsey Quarterly, online  at: http://www.mckinseyquarterly.com/Leading_through_uncertainty_2263 Campbell, R. 1999, Crisis Control: Preventing Managing Corporate Crises, Prentice Hall,  Australia. Chou, T-J. and Chen, F-T. (2004) ‘Retail Pricing Strategies in Recession Economies: The  Case of Taiwan’, Journal of International Marketing, vol. 12, no. 1, pp. 82-102. Coombs, T. 1999, Ongoing Crisis Communication: Managing, Responding and Planning,  Sage Publications, London. Coombs, T. Holladay, S. 2002, Helping Crisis Managers Protect Reputational Assets:  Initial Tests of the Situational Crisis Communication Theory, Management  Communication Quarterly : McQ, vol. 16, no. 2, pp. 165-87. Evans, N. Elphick, S. 2005, Crisis Management: Evaluation of their Value  for Strategic Planning in the International Travel Industry, The International Journal  of Tourism Research, vol. 7, no. 3, pp. 135-51. Faulkner, B. 2001, Towards a Framework for Disaster Management,  Management, vol. 22, no. 2, pp. 135-47. Geroski, P. and Hall, S. (1995b) ‘Price and Quantity Adjustments to Cost and Demand  Shocks’, Oxford Bulletin of Economics and Statistics, vol. 57, no. 2, pp. 185-204. Henderson, J. 2007, Crises: Causes, Consequences, and Management, Butterworth-  Heinemann, Oxford. King III, G. 2002, Crisis Management Team Effectiveness: A Closer Examination,  Journal of Business Ethics, vol. 41, no. 3, pp. 235-50. Lynn, M. (2009) The new capitalism, Sunday Times, 17 May, p.4.  Pacific Asia Travel Association 2003, Crisis: It Wont Happen to Us, Pacific Asia Travel  Association, Bangkok. Pearce, J. II and Michael, S. (2006) ‘Strategies to Prevent Economic Recessions From  Causing Business Failure’, Business Horizons, vol. 49, no. 3, pp. 201-209. Pearson, C. Mitroff, I. 1993, From Crisis Prone to Crisis Prepared: A Framework for  Crisis Management, The Executive, vol. 7, no. 1, pp. 48-59. Ritchie, B. 2004, Chaos, Crises and Disasters: A Strategic Approach to Crisis Management  in the Retail Industry, Retail Management, vol. 25, no. 6, pp. 669-83. Roberts, K. (2003) What Strategic Investments Should you make During a Recession to  Gain Competitive Advantage in the recovery?’ Strategy Leadership, vol. 31, no. 4, pp. 31-39. Ruff, P. Aziz, K. 2003, Managing Communications in a Crisis, Gower Publishing Limited,  England. Rumelt, R. (2009) Strategy in a Structural Break’, McKinsey Quarterly, no. 1, pp. 35-42. Simpson M., Tuck N., Bellamy S. 2004. Success factors of small businesses: the role of education and training Srinivasan, R., Lilien, G and Rangaswamy, A. 2005, ‘Turning Disaster into Advantage:  Does Proactive Marketing During a Recession Pay Off?’ Journal of Research in Marketing, vol. 22, no. 2, pp.109-125 Williamson, P.J. and Zeng, M. (2009) Value-for-money Strategies for Recessionary  Times, Harvard Business Review, vol.87, no.3, pp: 66-74.

Philip Larkin - A Voice of Pain for This Century Essay -- Biography Bi

Philip Larkin - A Voice of Pain for This Century On August 9, 1922, the poet Philip Larkin was born in the town of Coventry in England (Thwaite, Letters xvii). After graduating St. John’s College in Oxford in 1943 with a First Class degree, he worked at both the University College of Leicester and Queen’s College at Belfast before finally settling down at the University of Hull as Librarian in 1955 (Thwaite, Letters xviii). That same year, with the publication of his collection The Less Decieved, he "began to be recognized" (Thwaite, "Introduction" xv). His popularity continued to grow thereafter, and over the next twenty years amongst many awards and honorary doctorates he published two more highly acclaimed books of poetry, The Whitsun Weddings in 1964 and High Windows in 1974 (Thwaite, "Introduction" xvi). In 1984 he was offered the ultimate title of Poet Laureate, which he declined in part because of "shyness" and in part because of the "conviction that his poetry had deserted him" (Motion 510). With the words "I am going to the inevitable," he died a year later on Monday, December 2, 1985 (Motion 521). During his stay at Oxford, Larkin was a member of a group called "the Movement, its revolt being against rhetorical excess or cosmic portentousness" (Ellmann and O’Clair 579). He held disdain for the intricate poetic approach of Eliot and Pound in which "first of all you have to be terribly educated, you have to read everything to know these things, and secondly you’ve got somehow to work them in to show that you are working them in" (Ellmann and O’Clair 579). Larkin instead pursued "a more even-tempered, conversational idiom, more accurate than magniloquent" (Ellmann and O’Clair 579). But this "even-temperament" did n... ... who reside in the twentieth-century and stand as perennial expressions of not only his but of any individual’s mind. While the people of the world poise anxiously on the verge of a new millenium, only poets of his caliber will be remembered as having the sensitivity to capture the emotional need of this generation that will surely pass on to the next. Works Cited Ellmann, Richard, and Robert O’Clair, eds. Modern Poems: A Norton Introduction. New York: W.W. Norton and Co., 1989. Larkin, Philip. Collected Poems. London: Marvell Press and Faber and Faber Ltd., 1989. Motion, Andrew. A Writer’s Life. London: Faber and Faber Ltd., 1993. Thwaite, Anthony, ed. Introduction. Collected Poems. By Philip Larkin. London: Marvell Press and Faber and Faber Ltd., 1989. Thwaite, Anthony, ed. Selected Letters of Philip Larkin. London: Faber and Faber Ltd., 1992.

Dramatic Devices in A J.B.Priestley’s play, An Inspector Calls :: English Literature

Dramatic Devices in An Inspector Calls Essay This book â€Å"The Inspector calls† is a gripping drama written by J.B Priesly, it deals with the many problems in the world from famine, how minorities were treated and the underclass people. It also shows Priesly’s view on the homeless and the poor. He served in the first world war and believed that the world should of learned from it’s mistakes but as it turns out it did not and that angered him. So after the Second World War he wrote the book â€Å"Inspector calls†. This book uses the device of dramatic irany to portray his characters as not so clever and somewhat fools. It also has a lot of twist’s and turns and cliff hangers. The reason this book is successful good on stage is that Priesly has a good use of mystery and suspense in the book. Priesly uses the convention of a detective genre very well and also uses the whodunit element. All the family members in there own way are responsible for the death of Eva Smith. For example Sheila got her fired from the only good job that she could keep just because the hat looked better on her and she thought that she was laughing at her. There was also Mr Birling who fired her because she was one of the ringleaders that started a strike for higher wages. Eric used her for just a good time, as did Gerald. Eric however got her pregnant and offered her money but she refused. When Eva Smith whent to the charity that Mrs Birlin worked at Eva Smith used the name Mrs Birlin which greatly angered the real Mrs Birlin who used her influence to not give money to Eva Smith. The play also uses dramatic irany well. For example when Mrs Birlin said â€Å"The father should be responsible for the baby† or when Mr Birlin says â€Å"The Titanic†¦.. absolutely unsinkable†. Priesly uses dramatic irany to make the readers or the audience laugh and portray the characters as dim witted. Some more of the devices that made the play successful on stage are the cliff hangers at the end of the scenes or the acts are successful and entertaining. Some of the better cliff hangers that seemed good are when at the end of the scene the Inspector is telling everyone that they indeed had some part to play in the death of Eva Smith. The reason it’s so effective is that it’s a clever cliff hanger that seems to keep people hooked on what the family members have to do with the

Confessions of a Shopaholic

Existential consumption and irrational desire Richard Elliott University of Oxford, Oxford, UK If marketing is truly the â€Å"ultimate social practice of postmodern consumer culture† (Firat, 1993) then it carries the heavy burden of â€Å"determining the conditions and meanings of life for the future† (Firat and Venkatesh, 1993). Certainly, social theory is now focusing on consumption as playing a central role in the way the social world is constructed, and it can be argued that marketing is too important just to be left to marketers as it plays a â€Å"key role in giving meaning to life through consumption† (van Raaij, 1993).Marketing has been criticized from within as being a â€Å"technique† without moral regard for the consequences of its actions, and there is no shortage of critics of its most public face: advertising. This paper aims at identifying some of the issues raised by postmodern and poststructuralist accounts of consumption. In particular, it is argued that consumption can be conceptualized from cultural, social and psychological perspectives as being a prime site for the negotiation of conflicting themes of freedom and control.It is proposed here that in postmodernity the consumption of symbolic meaning, particularly through the use of advertising as a cultural commodity, provides the individual with the opportunity to construct, maintain and communicate identity and social meanings. This use of consumption as a resource for meaning creation and social transactions is a process that involves the making of choices that are sufficiently important to be considered as existential.This is not an attempt at rehabilitating the practice of marketing, but is intended to demonstrate that the consumer is far from being a passive victim but is an active agent in the construction of meaning. In part this can be seen as a response to Olander’s call for â€Å"consumer research for the consumer’s sake† (Olander, 1993), but also as providing theoretical underpinning for concepts such as â€Å"advertising literacy† (Ritson and Elliott, 1995a) which attempt to build new socially located and meaning-based-models of advertising.Exploring some consumption dialectics As a heuristic device to help unpack some of the complexity of the consumption experience, five dialectics will be explored and their (sometimes polar) tensions used as analytical frames for reviewing competing discourses on the meanings of consumption: My thanks to Geoff Easton and Rolland Munro for discussions which improved the ideas in this paper, some of which have been explored in Elliott and Ritson (1995). Existential consumption and irrational desire 285 European Journal of Marketing, Vol. 1 No. 3/4, 1997, pp. 285-296.  © MCB University Press, 0309-0566 European Journal of Marketing 31,3/4 286 (1) the material versus the symbolic; (2) the social versus the self; (3) desire versus satisfaction; (4) rationality versus irrationality; and (5) creativity versus constraint. It is acknowledged that binary oppositions are essentially structuralist and thus in danger of betraying the complexity of the poststructuralist accounts they are being used to elucidate here, and that they are inevitably reductionist.However, postmodernism is riven with contradictions, even Baudrillard’s account of postmodernity is itself a totalizing â€Å"meta-narrative† (Hebdige, 1989), so we must learn to participate in the â€Å"tolerance of incompatible alternatives† (Lyotard, 1984) and â€Å"the juxtaposition of opposites and contradictions† (Foster, 1983) called for by postmodern theorists in the hope that it can develop our understanding(s) of the meaning(s) of these complex ideas.As a heuristic device, these bipolar oppositions should not be read as posited structures but merely as aids to coming to grips with the sometimes mind-numbing interrelations between what are often incommensurable co ncepts. The binary opposition is false and should, of course, be allowed to â€Å"melt into air† (Berman, 1983). The material versus the symbolic As soon as a product’s ability to satisfy mere physical need is transcended, then we enter the realm of the symbolic and it is symbolic meaning that is used in the search for the meaning of existence (Fromm, 1976).Central to postmodern theories of consumption is the proposition that consumers no longer consume products for their material utilities but consume the symbolic meaning of those products as portrayed in their images; products in fact become commodity signs (Baudrillard, 1981). â€Å"The real consumer becomes a consumer of illusions† (Debord, 1977) and â€Å"the ad-dict buys images not things† (Taylor and Saarinen, 1994). This semiotic perspective of products as symbols raises difficult questions about the location of cultural meaning.The term symbol itself can relate to the product that carries meaning or to the meaning it carries, and the interpretation of meaning is a complex product of what is contained in the representation and what the individual brings to the representation (LeVine, 1984). Symbolism can be analysed semiotically by examination of the system of signs and what they signify. It has been realized, however, that this leads to an infinite regress as one sign leads to another without there ever being anything â€Å"real† outside the system.All meaning is socially constructed and there is no essential external reference point, so ultimately â€Å"There is nothing outside the text† (Derrida, 1977). To complicate matters further, symbolic interpretation is essentially non-rational improvisation that does not obey the codes of language but operates at the unconscious level (Sperber, 1975). A Jungian analysis goes even further and suggests that the full significance of a symbol cannot be Existential grasped in purely intellectual terms, if it becomes fully definable in rational consumption and terms it is no longer a true symbol (Storr, 1973). rrational desire But even for the sign-dependent human being things are never purely material nor purely meaningful, there is always a mediated relation between matter and meaning. This mediated process operates through the materiality 287 of language as a dynamic force in the transformation of an indeterminate range of human possibilities into a restricted moral economy of meaning, in which we are simultaneously authors of and authored by the language with which we try to communicate (Pfohl, 1992).This relationship is partly a function of the individual’s ability to understand and control the interaction between the material and the symbolic, and material objects themselves are always in transit and their meaning is likewise on a trajectory (Appadurai, 1986). The social versus the self The functions of the symbolic meanings of products operate in two directions, outward in constructing the social world – social-symbolism – and inward towards constructing our self-identity: self-symbolism (Elliott, 1995).Consumption of the symbolic meaning of products is a social process that helps make visible and stable the basic categories of a culture which are under constant change, and consumption choices â€Å"become a vital source of the culture of the moment† (Douglas and Isherwood, 1978). The meanings of consumer goods are grounded in their social context and the demand for goods derives more from their role in cultural practices rather than from the satisfaction of simple human needs (Douglas and Isherwood, 1978). Consumer goods, then, are more than just objects of economic exchange, â€Å"they are goods to think with, goods to speak with† (Fiske, 1989).Consumption as a cultural practice is one way of participating in social life and may be an important element in cementing social relationships, while the whole system of consumption is an unco nscious expression of the existing social structure through a seductive process which pushes the purchasing impulse until it reaches the â€Å"limits of economic potential† (Baudrillard, 1988). It is within this social context that the individual uses consumer goods and the consumption process as the materials with which to construct and maintain an identity, form relationships and frame psychological events (Lunt and Livingstone, 1992).The self-symbolic role of material goods is long established in social anthropology and the individual’s attachment to objects may be a culturally universal function which symbolizes security, expresses the self-concept and signifies connection to society (Wallendorf and Arnould, 1988). Consumer goods are not only used to construct our self-identity but are also used by others to make inferences about us that guide their behaviour towards us (Dittmar, 1992). But now in postmodernity we are able to use consumer products to become any of our â€Å"possible selves† (Markus and Nurius, 1986) inEuropean Journal of Marketing 31,3/4 288 which we utilize consumer goods to construct pastiches of others we have been exposed to via the media or more directly. â€Å"In cyberspace, I can change myself as easily as I change my clothes† (Taylor and Saarinen, 1994). But the choices as to which self to construct and present are attended by the possibility of social consequences which may be very negative for example, a failure of a young person to utilize symbolic capital in the form of knowledge of the appropriate meaning of advertising can lead to rejection by the peer group (O’Donohoe, 1994).Desire versus satisfaction The symbolic gratification promised by advertising manages to recode a commodity as a desirable psycho-ideological sign (Wernick, 1991), and the operation of advertising at the unconscious level is driven by the search for an imaginary self which motivates the individual with desire for cohere nce and meaning (Lacan, 1977).Advertising feeds the desire to achieve the unobtainable unity of the self with destabilized meanings (Featherstone, 1991), images which separate commodities from their original use and offer the possibility to reconstruct the self by purchasing the symbolic meaning of goods and constructing a â€Å"DIY self† (Bauman, 1991). For as Williamson (1978) points out, â€Å"The conscious chosen meaning in most people’s lives comes from what they consume†, and this is energized by the attachment of bodily desire to symbolic meaning where the inchoate needs of the pre-linguistic self are channelled into language.Central to Lacanian theory is the mirror-phase, where the child recognizes itself in a mirror and assumes an image through a transformation from the imaginary to the symbolic. The symbolic for Lacan is linked with absence, in that symbols represent a world of people and things that are not there. The â€Å"real† can only be ap proached through the symbolic medium of language, yet language itself contains the contradictions and fragmentations of gender, power and meaning (Kristeva, 1980).The symbolic focus of much promotional activity in postmodernity is desire, and for Lacan desire exists in the gap between language and the unconscious. â€Å"Desire does not desire satisfaction. To the contrary desire desires desire. The reason images are so desirable is that they never satisfy† (Taylor and Saarinen, 1994). Postmodern consumption is inextricably linked with aspects of sexuality, both conscious and unconscious, as it promises the satisfaction of previously taboo desires through imagery and representations (Mort, 1988).These desires are constructed through the symbolic linkage between consumption and the human body (Kellner, 1992), and operate in large part through the consumption imagery with which we are surrounded and which makes even mundane consumer actions, such as looking in shop windows, high ly significant in our psychic lives (Bocock, 1993). Thus meaning is created through a search for links between identity (the social) and the self and the pursuit of sexual satisfaction through consumption, both of which are doomed to failure.Rationality versus irrationality Existential This postmodern fragmentation of the experience of self has been termed the consumption and condition of â€Å"multiphrenia† by Gergen (1991), who points out that the new irrational desire opportunities for exercise of choice are almost unlimited and so bring with them a â€Å"vertigo of the valued† where the expansion of â€Å"wants† reduces our choice to â€Å"want not†, a multiplicity of competing values and beliefs which make â€Å"the very 289 idea of rational choice become meaningless†.The mass media, and advertising in particular, are responsible for an â€Å"expansion of inadequacy† which is encouraged by a barrage of new criteria for self-evaluation. Cushman (1990) argues that we are in an era of the â€Å"empty self† in which alienation and loss of community can be solved by the â€Å"lifestyle† solution in which the consumer constructs a â€Å"self † by purchasing and â€Å"ingesting† products featured in advertising, a behaviour which can be construed as, at best, of limited rationality.In the Lacanian perspective there is a stress on the individual subject as being fragmented and incoherent, and this leads to the framing of the consumer as simultaneously both rational and irrational, able to both consume and reject what is being consumed, to desire and yet consume without satisfaction (Nava, 1991). â€Å"Identity becomes infinitely plastic in a play of images that knows no end. Consistency is no longer a virtue but becomes a vice; integration is limitation† (Taylor and Saarinen, 1994).The consumption of meaning, even the meaning of supposedly unambiguous television soap operas, is always am bivalent and contradictory (Ang, 1985), and the modes of rationality which operate in the space between the unconscious world of the imaginary and the symbolic world of language are little understood as they are constrained by the â€Å"despotic signifying semiologies† which limit the possibilities for other forms of semiotic systems and other forms of rationality (Deleuze and Guattari, 1983).The conceptualization of other modes of (ir)rationality is paralleled by the recent development in social cognition of the theory of motivated choice, which emphasizes the role of emotion in decision processes (Forgas, 1992; Kunda, 1990). Motivated choice is where judgement is driven by an emotional desire to arrive at a particular conclusion, where biased information search and reasoning processes are used â€Å"to arrive at those conclusions they want to arrive at† (Kunda, 1990).From these perspectives, cool, rational, informationprocessing choice is at least uncommon, and may i n fact be very rare, for â€Å"the real, the really real, is irrational, that reason builds upon irrationalities† (de Unamuno, 1962). Creativity versus constraint The dialectic between freedom and control in the consumption domain is typified by the influence of advertising. The ability of consumers to resist the influence of advertising and thereby exercise freedom has been minimized by the Marxist analysis of its central role in the maintenance of capitalism (Leiss etEuropean Journal of Marketing 31,3/4 290 al. , 1990) which operates through the creation of â€Å"ideological hegemony† (Goldman, 1992). Marxists have also portrayed advertising as a â€Å"magic system† (Williams, 1980) of magical inducements and satisfactions which validates consumption, if only in fantasy, by association with social and personal meanings and thus transforms goods which had rational use-value into irrational symbols.This focus on the power of the symbolic is further developed by Williamson (1986) who argues that advertisements function at an unconscious level at which the consumer is unable to resist latent meaning transfer. More recent post-Marxist analyses have weakened their deterministic stance and recognized that â€Å"the meanings and uses of products cannot be entirely controlled† (Williamson, 1986).However, hegemony still exists, but now depends on affective gratifications provided by mass-mediated popular culture where â€Å"everyday life in amusement society proceeds within a dialectic of enfeeblement and empowerment† (Langman, 1992). From a post-structuralist perspective limited freedom is allowed to the individual through consumption choices: â€Å"for most members of contemporary society individual freedom, if available at all, comes in the form of consumer freedom† through which the individual must take responsibility to invent and consciously create a self-identity (Bauman, 1988).Through the â€Å"new existentialism† (Laermans, 1993) consumers can exercise the freedom to create new meanings for goods through their own idiosyncratic performance of everyday life (de Certeau, 1984). This freedom can be used for collective and individual resistance against the imposed meanings of the dominant cultural categories, particularly through the choice of style and the use of bricolage tactics (Fiske, 1987; Hebdige, 1979).A sustained argument for the active exercise of freedom through consumption is developed by Willis (1990), who characterizes the consumption choices of the young as the behaviour of â€Å"practical existentialists†. The young are seen as exercising choice through consumption-related symbolic creativity which operates via the concept of â€Å"grounded aesthetics†, a process which builds higher-level symbolic meaning structures from the mundane concrete experiences of everyday life.This allows the young a small creative space for making the received social world, to some ext ent, controllable by them. This process is very similar to the marginal â€Å"tactics† (de Certeau, 1984) by which the powerless make sense of consumption, and in relation to advertising would allow them some control over the meaning of a text, but not control over the agenda within which the text is constructed (Morley and Silverstone, 1990).This is a limited freedom where we â€Å"make our own spaces within the place of the other† (Fiske, 1989) but yet it is potentially liberating in that to escape from dominant meanings is to construct our own subjectivity (Condit, 1989), and can therefore be conceptualized as â€Å"authentic† existential choice, rejecting the â€Å"bad faith† of accepting the dominant consumption meanings as inevitable or unproblematic (Sartre, 1969). Advertisements can be seen as cultural products in their own right, and Existential young people consume them independently of the products and have a creative consumption and symbolic r elationship with them.Although Willis (1990) sees advertising as irrational desire manipulative to some extent, he emphasises the scope for individual choice and creativity in meaning and identity construction, as individuals use advertising images as personal and social resources. These are invested with specific 291 meanings anchored in everyday life, via the process of grounded aesthetics, which are then used to construct or maintain personal and social identities. These creative practices are particularly prevalent amongst young people of â€Å"Generation X† (O’Donohoe, 1994; Ritson and Elliott, 1995b).The construction of social identity through â€Å"styles of consumption† is referred to in terms of lifestyle membership of â€Å"neo-tribes† by Bauman (1990), where one may join the tribe by buying and displaying tribe-specific paraphernalia. The neo-tribe is informal, without authority and only requires acceptance of the obligation to take on the iden tity-symbols of the tribe. The consumer may thus exercise the freedom to choose social groupings through existential consumption.The exercise of choice through consumption now flows across national boundaries in a global cultural economy through the operation of advertising â€Å"mediascapes† which are image-centred strips of reality which offer the consumer a series of elements â€Å"out of which scripts can be formed of imagined lives, their own as well as those of others living in other places† (Appaduri, 1990). If aspects of advertising imagery can be appropriated at will by â€Å"practical existentialists† then they may, as Baudrillard (1983) suggests, â€Å"live everywhere already in an ‘aesthetic’ hallucination of reality†, in which the real and the simulated are indistinguishable.However, the extent to which, in a â€Å"mediacratic† age, advertising reflects reality or actually creates it is problematic. Are the â€Å"practica l existentialists† using advertising or is it really using them? Schudson (1984) suggests that advertising is â€Å"capitalist realist art† and that although it does not have a monopoly of the symbolic marketplace, different social groups are differentially vulnerable especially during transitional states of their lives. This form of art idealizes the consumer and portrays as normative, special moments of satisfaction.It â€Å"reminds us of beautiful moments in our own lives or it pictures magical moments we would like to experience† (Schudson, 1984). This suggests that young people in particular, who are at a transitional state in their lives, may be subject to excessive influence by â€Å"buying-in† to advertising’s depiction of a false reality. In contrast, young people may be exercising (limited) freedom in their use of advertising as a cultural commodity for â€Å"even as the market makes its profits, it supplies some of the materials for alte rnative or oppositional symbolic work† (Willis, 1990).This dichotomy between creativity and constraint (Moores, 1993) in the context of advertising is represented by the problematic of hegemony, which sets parameters on the freedom to construct meaning (Ang, 1990). Hegemony European Journal of Marketing 31,3/4 292 does not dominate from outside but is a â€Å"thick texture† which interlaces resistance and submission, opposition and complicity (Martin-Barbero, 1988) and which therefore poses difficult problems for ethnographic analysis to unpack.Structuration theory (Giddens, 1984) offers a solution to the dualism of structure versus agency, by positing that the â€Å"structural properties of social systems are both medium and outcome of the practices they recursively organise†. Thus the consumption of advertising can be both an active and creative practice yet is carried out within constraints imposed by material situation and ideological hegemony. Desire, irrati onality and choice Desire develops from physical need through a growing awareness of the existential choice between a desire to have and a desire to be, desire being defined by absence or lack of being (Sartre, 1969).Lacan’s identification of language as the symbolic order which develops from the pre-verbal imaginary order accompanied by increasing anxiety about the self has been reframed by Kristeva (1980) as the two orders of the semiotic and the symbolic. The imaginary/semiotic order is unconscious whilst the symbolic order is rational, but there is potential for â€Å"slippage† between the two orders of meaning, with a regression to the unconscious and irrational order of the imaginary where desire for the unattainable comfort of the perfect mother holds sway.The gap between the fantasy world of consumption day-dreams of perfect pleasure and the disappointments of reality is the basic motivation for Campbell’s (1987) â€Å"autonomous imaginative hedonismâ⠂¬  which results in limitless wants and a permanent state of frustration. The limited resources of the individual consumer must therefore require choices to be made, choices of which desire to feed and which to deny, which meanings to consume and which to reject or avoid. This vital act of consumer choice may not be to choose that which is most pleasing, but to reject that which is most distasteful.Bourdieu (1984) suggests tastes that â€Å"when they have to be justified, they are asserted purely negatively, by the refusal of other tastes†. We may define ourselves not by what we like, but by what we dislike, and it is strong negative emotional reactions to the consumption practices of others that may structure our social categories. This â€Å"refusal of tastes† seems to operate at the level of the imaginary/semiotic and be driven by pre-verbal inchoate emotion. While consumption may often operate at the level of the imaginary/semiotic or day-dream, it can also have â€Å"real† effects in facilitating the construction of self-identity (Falk, 1994).Phenomenological descriptions of the everyday consumer experiences of women (Thompson et al. , 1990) have surfaced a dominant theme of being in control/being out of control which reflected an anxiety about not buying in the â€Å"right† way, so that women felt guilty when they perceived themselves as not making rational purchase decisions. However, they nevertheless admitted to making purchases in a â€Å"dreamlike† way when they were â€Å"captivated† by a product. In this situation, to act in a self-perceived rrational fashion, to surrender to the symbolic, is itself an authentic existential Existential act of creating meaning through choice, the choice to be irrational. consumption and But to what extent is existential consumption the conscious exercise of irrational desire freedom through choice as idealized by existentialism? Certainly there are severe limits to the fr eedom contained in consumption choices due to individuals having unequal access to the necessary resources, so existential 293 consumption may only exist for some people in some societies.However, the lived experience described by consumers (Elliott and Ritson, 1995; Thompson et al. , 1990) conveys a strong sense of Sartre’s â€Å"engagement† even if not at the level of decisional seriousness discussed by Kierkegaard (Macquarrie, 1972). Marxists may dismiss an individual’s claim to be making conscious choices about consumption as â€Å"false consciousness† but this is to deny the â€Å"situated meaningfulness of everyday consumer experiences† (Thompson et al. , 1990). The freedom of practical existentialism is authentic, even if it is constrained by inequalities in the economic system and by ideological hegemony.The emotion-laden experiences of the consumer – irrational, incoherent and driven by unconscious desires; constrained by the market economy yet obtaining limited freedom through existential consumption and symbolic creativity; able to build a DIY self through consumption yet suffering an expansion of inadequacy through advertising – this constructs the subjectivity of the postmodern consumer with whom postmodern marketing (Brown, 1995) must deal. References Ang, I. (1985), Watching Dallas: Soap Opera and the Melodramatic Imagination, Methuen, London. 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Crimes: Crime and Robert K. Merton Essay

Many researchers agree that, in the United States, most arrests for street crime involve people of lower class position. Why, according to Robert K. Merton, Albert Cohen, Walter Miller, and Elijah Anderson, would this be the case? How would a broader definition of crime (to include more white collar and corporate offenses) change the profile of the typical criminal? Robert Merton, Albert Colman, Walter Miller, and Elijah Anderson all agree that people of lower class commit most street crimes, because they are limited in their means to achieve their cultural goal of financial success. They lack proper schooling parental guidance and job opportunities that are available in upper class societies. Therefore, they cannot conform to the conventional means by which to achieve the Cultural goal of getting rich so they use unconventional means, Selling drugs and thievery, which means jail time. Albert Cohen who was a student of Merton believes that in many urban cities youths create sub-cultures. Groups of youths that is determined by who is feared more on the streets. They are delinquents who act out on impulse and do not think of what consequences there actions will bring and who are only loyal to themselves. Walter Miller lends into the theory of delinquency by defining it as having a need for excitement and a search for thrills. These ties in to Elijah Anderson who believes that jail is very likely for youths that adopt a Street Code which means to stand up and be able to take care of ones self by any means necessary. A broader definition of crime to include more white-collar and corporate offences will not change the profile of the typical criminal because society has a wide range of definitions for the behavior and actions of criminals. The definitions of crimes however should include the Social Status of a person and or group with legitimate reasons or circumstances for committing that crime.